The role of an executor of an estate is to carry out the
directions contained in a will and legally administer the estate
after the will-maker has passed away. Sometimes that can be
trickier than you might think.
To do the task properly (and avoid personal liability), an
executor must keep these three things in mind:
- the need to understand the legal, financial and taxation
implications involved
- maintaining independence if there are disputes concerning the
administration of the estate
- the personal and financial liability involved should the
executor mismanage the estate.
One function of an executor is to sell estate assets prior to
the distribution of the estate. This can give rise to
complications.
